<a href="https://www.cryptoknowmics.com/news/chainlink-price-prediction-2022-2026-will-the-price-of-link-hit-30-by-the-end-of-2022">Chainlink price</a> is bearish today, as the price made a failed attempt to break out of a horizontal trend that began in July 2021. LINK has dropped 6% over the past 24 hours, reaching a low of $6.18. The market is currently trapped in a sideways trend below the $7 mark, and a breakout would require more buying power to be added to the market. The market remains under the control of bears as the price hovers around the potential for a decline to $6 support for the next 24 hours.

Chainlink trading volume tumbled 30% in the last 24 hours, whereas market capitalization dropped 4 percent to $2,886,697,304. The cryptocurrency market fell back into the hands of bears in the last 24 hours, with all major cryptocurrencies suffering significant losses in value.
<p id="b66dbef7-762a-405b-ab9d-39555403a7df" class="quill-block">The larger cryptocurrency market fell into the hands of bears once again over the past 24 hours, with all major cryptocurrencies recording significant drops in value. Bitcoin dropped 4% to hit a low of $21,000, while Ethereum slid even further to $1,100. Cardano fell 4 percent to $0.46, whereas Ripple dropped 6 percent to $0.32. Dogecoin dropped 4 percent to $0.66 and Solana and Polkadot slid down to $36.94 and $6.83, respectively.</p>

<h2>Chainlink Technical Analysis on the 24-Hour Chart</h2>
On the 24-hour candlestick chart for Chainlink technical analysis, the price falls into an extended sideways pattern after repeated rejections at the $7 mark. With its price unable to move above the $7 resistance level since June 27, 2022, it has stayed in a tight range between support at $6 and resistance. However, if buyer consolidation does not come into the market over the next 24 hours, LINK may breach the $6 resistance.

<img src="https://cd.cryptopolitan.com/wp-content/uploads/2022/07/11065719/LINKUSDT_2022-07-11_10-57-08-1200x813.png?strip=all&amp;lossy=1&amp;ssl=1" alt="LINKUSDT 2022 07 11 10 57 08" />

<strong>Source: </strong><a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener">Trading View</a>

The price maintains a distance from the 20 and 50 exponential moving averages (EMAs), as well as the 50, 100, and 200-day moving averages. The 24-hour relative strength index (RSI) is at 43.15 and appears to be heading downward, indicating that investors are losing confidence in LINK's market value.

Meanwhile, the MACD Convergence/Divergence (MACD) curve is generating lower lows and may signal a bearish divergence over the next few trading sessions.
<h2><span style="font-weight: normal">Conclusion</span></h2>
Chainlink will need to increase its volume and draw bulls into the market in order to stay above support at $6. Chainlink's volume levels and acquisitions of bullish investors will be essential for it to maintain above support at $6. Unless a breakout occurs, LINK is anticipated to fluctuate between the narrow bands of $5.34 and $7.53.

Chainlink Technical Analysis: LINK Drops By 6%

On the 24-hour candlestick chart for Chainlink technical analysis, the price falls into an extended sideways pattern after repeated rejections.

Lincoln contributes blockchain articles that meet the industry's selective info needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

Chainlink Technical Analysis: LINK Drops By 6%

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